Departments & agenciesView all actions on the Federal Register
Securities and Exchange Commission
CommissionsFor-cause removal
At a glance
Type
Independent regulatory commissions
Removal of leadership
Removable only for cause
Appointed by
Members appointed by the President, confirmed by the Senate
Structure
5-member commission · led by the Chairman
Term
5-year term · staggered · party-balanced
Funding
Annual appropriations
Independence
Independent
The SEC's for-cause removal protection is not stated in statute (15 U.S.C. § 78d contains no removal clause); it rests on the precedent of Humphrey's Executor (1935). That protection is threatened by Trump v. Slaughter (No. 25-332), argued Dec. 8, 2025, in which the Court is reconsidering Humphrey's Executor; an adverse ruling could make SEC commissioners removable at will.
What it does
The SEC enforces federal securities laws and oversees public companies, stock and bond exchanges, brokers, investment advisers, and mutual funds. It requires companies to disclose accurate financial information to investors and brings civil enforcement actions against fraud and market abuse. Its mission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
FinancialSecuritiesTrade
How it fits
Created by Congress under the Securities Exchange Act of 1934 (15 U.S.C. § 78d; Pub. L. 73-291), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
Recent actions
Sunshine Act Meetings
Interval Fund Modernization; Expansion of Multiple Share Class to Registered Closed-End Management Investment Companies and Business Development Companies
Potential Designation of Chartered Financial Analyst Designation as Qualifying Natural Persons for Accredited Investor Status
Potential Designation of Passage of an Accredited Investor Exam To Be Developed by FINRA as Qualifying Natural Persons for Accredited Investor Status
Potential Designation of Certified Financial Planner Certification as Qualifying Natural Persons for Accredited Investor Status
Potential Designation of U.S. Certified Public Accountant License as Qualifying Natural Persons for Accredited Investor Status
Potential Designations of the Investment Banking Representative License (Series 79) and the Research Analyst License (Series 86 and Series 87) as Qualifying Natural Persons for Accredited Investor Status
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend LTSE Rule 15.120 To Expand the Permitted Collection Arrangements